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In my lectures during the last several years I've discussed the Second Circuit's abysmal record of affirming nearly all trial convictions in criminal cases. In 2024, for example, the court entirely reversed no convictions at all, while affirming 98. In 2023 they reversed 1 and affirmed 67 (although they granted substantial relief in another case, U.S. v. Lauria (Molina), 70 F.4th 106 (2d Cir. 6/9/23)), in which we were appellate counsel). Take a look at this graph and you'll

This week we saw a rare Second Circuit reversal of a conviction after trial. In United States v. Cole , 23-7566 (2d Cir. October 27, 2025), Judge Carney, joined by judges Jacobs and Nardini, reversed on double jeopardy grounds Neil Cole's conviction for security fraud and related charges. Cole had been acquitted at his first trial of a securities fraud conspiracy but the jury was hung on related substantive charges. Cole argued that his retrial on the substantive charges was